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Nine-month net income for Zurich fell to $2.16 billion from $2.8 billion a year earlier. Operating profit fell 3% to $4.06 billion.
"In this period of ongoing economic uncertainty, our focus remains on maintaining our strong balance sheet, driving operational excellence and delivering sustained profitable growth," said Chief Executive James J. Schiro, in a statement. "By effectively balancing these levers, we have generated excellent quarterly results and ensured that Zurich is well-positioned for the future under any economic scenario."
General insurance gross written premiums for the period came to $26.3 billion, down 10% from a year earlier. Global life gross written premiums rose 16% to $17.4 billion.
Gross premiums for Farmers Re rose to $4.96 billion from $2.3 billion.
Zurich's net group investments result was $4.3 billion, down 9% on the $4.7 billion it reported in the same period of 2008.
The company also reported a general insurance combined ratio of 96.9, a slight improvement on the 98.7 it reported a year ago.
"An in-line set of shareholders' funds and solvency that has increased give us the underlying message that ZFS is still in good shape," said William Hawkins, an equity analyst at Keefe, Bruyette & Woods, in a briefing note. "However, there is a lot of devil in the detail that makes us think the market should react negatively to these results today. The combined ratio is disappointing, with a sequential uptick in the attritional claims ratio and poorer positive reserve development, including a small asbestos charge. The life result is disappointing underlying, as is the Farmers performance."
(By Marc Jones, London news editor: marc.jones@ambest.com)
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